Bank of Canada becomes inaugural member of new, international Central Bank Network for Indigenous Inclusion

Joint statement from the Bank of Canada, Te Pūtea Matua (Reserve Bank of New Zealand) and the Reserve Bank of Australia.

Along with Indigenous partners, the Bank of Canada, Te Pūtea Matua (Reserve Bank of New Zealand) and the Reserve Bank of Australia have formed a voluntary network to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues.

The Central Bank Network for Indigenous Inclusion, established January 1, 2021, aims to share knowledge and best practices, promote engagement with Indigenous Peoples, and foster greater understanding and education about Indigenous economic issues and histories.

The network will focus on:

• Conducting research for and with Indigenous peoples on economic issues, including the development of best practices, such as using Indigenous data respectfully.
• Building cultural awareness, recruitment practices and other aspects of corporate culture to foster Indigenous inclusion within member organizations.
• Strengthening engagement practices with Indigenous groups and communities.
• Supporting economic and financial education for and about Indigenous peoples.

In addition, the network will plan a recurring Central Bank Symposium on Indigenous Economics. The first symposium will be hosted by the Bank of Canada in late 2021.

In formative discussions, Indigenous partners drew on their oral histories and contemporary economic experience to guide discussion and confirmation of the network’s aims. This discussion sought the views of Indigenous partners including Te Rau Kupenga, representative of the Reserve Bank of New Zealand’s Te Ao Māori external advisory panel; and Manny Jules, Chief Commissioner, First Nations Tax Commission and Founder of the Tulo Centre of Indigenous Economics.

The Central Bank Network for Indigenous Inclusion will serve as a community of practice and will not aim to set or take policy positions. The founding members encourage other central banking entities around the world to join. The chair of the Network will rotate annually, with the Reserve Bank of New Zealand serving as chair in 2021.

Bank of Canada: "The Bank of Canada wants to better understand the Indigenous economy and the obstacles and opportunities that Canada's Indigenous Peoples face," Governor Tiff Macklem said. “Our membership in this network provides us with an invaluable opportunity to learn from each other, to forge stronger bonds with Indigenous communities and contribute to making our workplaces and policies more inclusive.”

Tulo Centre of Indigenous Economics: “As Indigenous peoples, we have institutional and economic successes to share, as well as policy and legislative challenges we continue to face. But today, I see the potential for a better tomorrow. Your commitment to work with each other and with us on these issues gives me hope.”

Clarence (Manny) Jules, Chief Commissioner of the First Nations Tax Commission and Founder of the Tulo Centre of Indigenous Economics